https://www.taxtmi.com/highlights?id=101865 Under the SEBI Act, the first proviso to Section 223(1) of the BNSS applies to a complaint filed by the Board because the Act restricts who may initiate prosecution but does not prescribe a different cognizance procedure. The provision creates a mandatory pre-cognizance opportunity of hearing for the proposed accused. Treating the Special Court as a Court of Session does not exclude that requirement. On this analysis, cognizance and consequential process issued without such hearing were quashed, with fresh consideration directed after hearing the accused; merits remained open. en-us Mon, 20 Jul 2026 09:37:28 +0530 Mon, 20 Jul 2026 09:37:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=101865 Under the SEBI Act, the first proviso to Section 223(1) of the BNSS applies to a complaint filed by the Board because the Act restricts who may initiate prosecution but does not prescribe a different cognizance procedure. The provision creates a mandatory pre-cognizance opportunity of hearing for the proposed accused. Treating the Special Court as a Court of Session does not exclude that requirement. On this analysis, cognizance and consequential process issued without such hearing were quashed, with fresh consideration directed after hearing the accused; merits remained open. Highlights SEBI Mon, 20 Jul 2026 09:37:28 +0530 https://www.taxtmi.com/highlights?id=101865